QUESTION

events or circumstances will toll a statute of limitations

Asked on Oct 22nd, 2016 on Contracts - New York
More details to this question:
I am a Plaintiff in a current Law Suite for Breach of Contract. The Statute of Limitations in New York State for Breach of Contract is 6 years. I filled Bankruptcy (Ch7) several years ago. While I hadn’t commenced the law suite I deemed it as an asset of my Bankruptcy Estate. The US Trustee abandoned this asset (The potential Law Suite). When I was discharged from Bankruptcy I understand that I had full authority to sell this potential Law Suite or start the Law Suite myself. I was in Bankruptcy for 7 months. A potential buyer of my legal action wants to know about the tolling rights. I have told the buyer that I had 6years + 7 months (Tolling) to commence the Law Suite. Is this correct? Can that extra 7 months be assigned to a potential buyer? or is it only I that can take advantage of the 7 months.
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1 ANSWER

Estate Planning Attorney serving New York, NY
1 Award
There is no tolling under this situation.  Moreover, the trustee, in theory, can take the asset back if it is determined it has real value.  The case can be reopened.
Answered on Oct 22nd, 2016 at 1:20 PM

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